Crude oil prices climbed by more than 1% on Friday after the Energy Information Administration (EIA) published its weekly report that showed the commercial crude oil inventories in the United States decreased by 4.2 million barrels in the week ending December 20. Meanwhile, the Baker Hughes weekly rig count for the week ending December 27 showed no change in the number of oil rigs compared to the previous week, but the number decreased by 17 year-on-year.
West Texas Intermediate (WTI) for February's settlements advanced by 1.35% at 1:25 pm ET and sold for $70.54 per barrel. Meanwhile, Brent for the same month's deliveries increased by 1.12% at 1:26 pm ET, selling for $74.08 per barrel.
